Denali Advisors 13FHR Quarterly holdings report by institutional manager | SEC 18 Jul 23

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
1st Source Corporation	COM	336901103	1,714,937	40,900	SH		SOLE		10,400	0	30,500
89 Bio Inc	COM	282559103	166,760	8,800	SH		SOLE		0	0	8,800
ACM Research Inc	COM	00108J109	370,164	28,300	SH		SOLE		0	0	28,300
AFLAC INC COM	COM	001055102	819,661	11,743	SH		SOLE		11,743	0	0
AMC Networks Inc. cl A	COM	00164V103	2,042,255	170,900	SH		SOLE		44,400	0	126,500
AMN Healthcare Services	COM	001744101	4,692	43	SH		SOLE		43	0	0
APA Corporation	COM	03743Q108	1,230	36	SH		SOLE		36	0	0
Adams Resources & Energy	COM	006351308	73,815	2,100	SH		SOLE		0	0	2,100
Aersale Corp	COM	00810F106	41,160	2,800	SH		SOLE		0	0	2,800
Affiliated Managers Group	COM	008252108	4,497	30	SH		SOLE		30	0	0
Alexanders Inc.	COM	014752109	1,048,002	5,700	SH		SOLE		1,000	0	4,700
Allison Transmission Holdings	COM	01973R101	5,025	89	SH		SOLE		89	0	0
Allovir Inc	COM	019818103	22,100	6,500	SH		SOLE		0	0	6,500
Ally Financial Inc.	COM	02005N100	30,386	1,125	SH		SOLE		1,125	0	0
Alphabet Inc. Class A	COM	02079K305	825,930	6,900	SH		SOLE		6,900	0	0
Altice USA	COM	02156K103	1,981	656	SH		SOLE		656	0	0
Amdocs Limited	COM	G02602103	653,300	6,609	SH		SOLE		6,609	0	0
Amerco	COM	023586100	26,720	483	SH		SOLE		483	0	0
American Axle & Manufacturing	COM	024061103	703	85	SH		SOLE		85	0	0
American Equity Investment	COM	025676206	4,830,441	92,697	SH		SOLE		24,397	0	68,300
American Intl Group, Inc.	COM	026874784	350,994	6,100	SH		SOLE		6,100	0	0
Ameris Bancorp	COM	03076K108	186,000	5,437	SH		SOLE		1,437	0	4,000
Amkor Technology Inc	COM	031652100	4,229,111	142,155	SH		SOLE		34,655	0	107,500
Amneal Pharamceuticals	COM	03168L105	1,045	337	SH		SOLE		337	0	0
Annaly Capital Mgmt.	COM	035710839	420	21	SH		SOLE		21	0	0
Apartment Income REIT	COM	03750L109	866	24	SH		SOLE		24	0	0
Arcbest Corp	COM	03937C105	2,075	21	SH		SOLE		21	0	0
Arch Capital Group Ltd.	COM	G0450A105	502,318	6,711	SH		SOLE		6,711	0	0
Arch Resources Inc	COM	03940R107	2,108,612	18,700	SH		SOLE		5,000	0	13,700
Archer Daniels Midland	COM	039483102	392,912	5,200	SH		SOLE		5,200	0	0
Arko Corp	COM	041242108	1,511	190	SH		SOLE		190	0	0
Armada Hoffler Properties Inc.	COM	04208T108	461,360	39,500	SH		SOLE		6,200	0	33,300
Arrow Electronics Inc	COM	042735100	44,401	310	SH		SOLE		310	0	0
Asbury Automotive Group	COM	043436104	6,251	26	SH		SOLE		26	0	0
Assertio Holdings	COM	04546C205	231,434	42,700	SH		SOLE		0	0	42,700
Atea Pharmaceuticals	COM	04683R106	67,320	18,000	SH		SOLE		0	0	18,000
Atlanticus Holdings	COM	04914Y102	1,131,455	26,933	SH		SOLE		833	0	26,100
AutoNation Inc.	COM	05329W102	20,741	126	SH		SOLE		126	0	0
Avangrid Inc.	COM	05351W103	434,526	11,532	SH		SOLE		11,532	0	0
Avis Budget Group, Inc.	COM	053774105	1,829	8	SH		SOLE		8	0	0
Avnet Inc.	COM	053807103	2,674	53	SH		SOLE		53	0	0
BOK Financial Corp.	COM	05561Q201	55,657	689	SH		SOLE		689	0	0
BRT Apartments Corp	COM	055645303	132,660	6,700	SH		SOLE		0	0	6,700
Bank of America Corp	COM	060505104	843,486	29,400	SH		SOLE		29,400	0	0
Bank of NT Butterfield LTD	COM	G0772R208	4,070,867	148,789	SH		SOLE		37,989	0	110,800
Bank of New York Mellon Corp.	COM	064058100	728,392	16,361	SH		SOLE		16,361	0	0
Banner Corp.	COM	06652V208	650,683	14,900	SH		SOLE		3,800	0	11,100
Beacon Roofing Supply	COM	073685109	2,821	34	SH		SOLE		34	0	0
Beazer Homes USA	COM	07556Q881	2,266,029	80,100	SH		SOLE		21,700	0	58,400
Belden Inc.	COM	077454106	3,061	32	SH		SOLE		32	0	0
Berkshire Hathaway cl B	COM	084670702	1,193,500	3,500	SH		SOLE		3,500	0	0
Best Buy Inc.	COM	086516101	16,390	200	SH		SOLE		200	0	0
Bioatla	COM	09077B104	21,900	7,300	SH		SOLE		0	0	7,300
Biogen Inc.	COM	09062X103	256,365	900	SH		SOLE		900	0	0
Bluegreen Vacations Holding Corp	COM	096308101	805,690	22,600	SH		SOLE		1,200	0	21,400
Bluelinx Holdings	COM	09624H208	4,467,492	47,638	SH		SOLE		11,638	0	36,000
Boise Cascade LLC	COM	09739D100	4,778,792	52,892	SH		SOLE		13,692	0	39,200
Boston Properties, Inc.	COM	101121101	23,669	411	SH		SOLE		411	0	0
Bread Financial Holdings	COM	018581108	3,280,318	104,502	SH		SOLE		25,402	0	79,100
Bridgewater Bancshares Inc	COM	108621103	98,500	10,000	SH		SOLE		0	0	10,000
Brightsphere Investment Group	COM	10948W103	964	46	SH		SOLE		46	0	0
Brookfield Infrastructure Corporation	COM	11275Q107	1,504	33	SH		SOLE		33	0	0
Brown-Forman cl B	COM	115637209	635,612	9,518	SH		SOLE		9,518	0	0
Buckle Inc.	COM	118440106	1,315,423	38,018	SH		SOLE		9,618	0	28,400
Bunge Limited	COM	G16962105	445,049	4,717	SH		SOLE		4,717	0	0
Byline Bancorp Inc.	COM	124411109	115,776	6,400	SH		SOLE		0	0	6,400
CDW Corporation	COM	12514G108	36,700	200	SH		SOLE		200	0	0
CNA Financial Corp.	COM	126117100	67,546	1,749	SH		SOLE		1,749	0	0
CNO Financial Group, Inc.	COM	12621E103	40,239	1,700	SH		SOLE		1,700	0	0
CORE Molding Tech	COM	218683100	261,625	11,500	SH		SOLE		0	0	11,500
CPI Card Group Inc	COM	12634H200	244,125	10,500	SH		SOLE		0	0	10,500
CVR Energy, Inc.	COM	12662P108	2,097	70	SH		SOLE		70	0	0
Cal-Maine Foods Inc.	COM	128030202	1,170	26	SH		SOLE		26	0	0
Camping World Holdings, Inc.	COM	13462K109	1,565	52	SH		SOLE		52	0	0
Cano Health	COM	13781Y103	2,025	1,457	SH		SOLE		1,457	0	0
Capital One Financial Corp.	COM	14040H105	470,291	4,300	SH		SOLE		4,300	0	0
CarGurus Inc	COM	141788109	453	20	SH		SOLE		20	0	0
Carlyle Finance LLC	COM	14316J108	26,806	839	SH		SOLE		839	0	0
Carrier Global Corporation	COM	14448C104	493,421	9,926	SH		SOLE		9,926	0	0
Carters Inc	COM	146229109	21,780	300	SH		SOLE		300	0	0
Catalyst Pharmaceuticals Inc	COM	14888U101	200,256	14,900	SH		SOLE		0	0	14,900
Celanese Corporation	COM	150870103	465,169	4,017	SH		SOLE		4,017	0	0
Central Valley Community Bancorp	COM	155685100	114,330	7,400	SH		SOLE		0	0	7,400
Centrus Energy	COM	15643U104	1,303,214	40,025	SH		SOLE		5,625	0	34,400
Century Communities, Inc.	COM	156504300	4,514,910	58,926	SH		SOLE		15,326	0	43,600
Chesapeake Energy Corp	COM	165167735	484,926	5,795	SH		SOLE		5,795	0	0
Cincinnati Financial Corp	COM	172062101	312,981	3,216	SH		SOLE		3,216	0	0
Cinemark Holdings Inc	COM	17243V102	594	36	SH		SOLE		36	0	0
Cirrus Logic Inc.	COM	172755100	24,951	308	SH		SOLE		308	0	0
Citigroup Inc.	COM	172967424	409,756	8,900	SH		SOLE		8,900	0	0
Claros Mortgage Trust	COM	18270D106	599,886	52,900	SH		SOLE		7,600	0	45,300
Clean Harbors, Inc.	COM	184496107	493	3	SH		SOLE		3	0	0
Clearway Energy Inc	COM	18539C204	714	25	SH		SOLE		25	0	0
Cleveland-Cliffs Inc.	COM	185899101	1,961	117	SH		SOLE		117	0	0
Coca-Cola Bottling Cl A	COM	191098102	1,908	3	SH		SOLE		3	0	0
Columbia Sportswear Co.	COM	198516106	1,313	17	SH		SOLE		17	0	0
Comerica, Inc.	COM	200340107	18,893	446	SH		SOLE		446	0	0
Commercial Metals Co	COM	201723103	2,317	44	SH		SOLE		44	0	0
Commscope Holding	COM	20337X109	3,147	559	SH		SOLE		559	0	0
Computer Programs & Systems	COM	205306103	155,547	6,300	SH		SOLE		0	0	6,300
Concentrix Corp.	COM	20602D101	17,361	215	SH		SOLE		215	0	0
Constellium	COM	F21107101	1,479	86	SH		SOLE		86	0	0
Consumer Portfolio Services	COM	210502100	540,321	46,300	SH		SOLE		0	0	46,300
Containers Store Group	COM	210751103	194,366	61,900	SH		SOLE		0	0	61,900
Cooper Companies, Inc.	COM	216648402	38,726	101	SH		SOLE		101	0	0
Copart, Inc. (DE)	COM	217204106	145,936	1,600	SH		SOLE		1,600	0	0
Core & Main Inc	COM	21874C102	8,086	258	SH		SOLE		258	0	0
Corecard Corporation	COM	45816D100	301,784	11,900	SH		SOLE		0	0	11,900
Costamare Inc	COM	Y1771G102	4,696,719	485,700	SH		SOLE		120,100	0	365,600
Coterra Energy Inc	COM	127097103	395,287	15,624	SH		SOLE		15,624	0	0
Crane Company	COM	224408104	802	9	SH		SOLE		9	0	0
Crescent Energy	COM	44952J104	702,308	67,400	SH		SOLE		17,300	0	50,100
Cross Country Healthcare Inc	COM	227483104	4,605	164	SH		SOLE		164	0	0
Crossfirst Bancshares	COM	22766M109	107,000	10,700	SH		SOLE		0	0	10,700
Curtiss-Wright Corp.	COM	231561101	19,468	106	SH		SOLE		106	0	0
Cushman & Wakefield	COM	G2717B108	679	83	SH		SOLE		83	0	0
Customers Bancorp Inc	COM	23204G100	1,149,880	38,000	SH		SOLE		10,000	0	28,000
D.R. Horton Inc.	COM	23331A109	830,534	6,825	SH		SOLE		6,825	0	0
DISH Network Corp cl A	COM	25470M109	27,909	4,235	SH		SOLE		4,235	0	0
DLH Holdings	COM	23335Q100	391,550	38,200	SH		SOLE		0	0	38,200
DT Midstream Inc	COM	23345M107	1,239	25	SH		SOLE		25	0	0
DaVita HealthCare Partners Inc	COM	23918K108	30,744	306	SH		SOLE		306	0	0
Daseke	COM	23753F107	395,715	55,500	SH		SOLE		0	0	55,500
Delek US Energy, Inc.	COM	24665A103	2,012	84	SH		SOLE		84	0	0
Dell Inc.	COM	24703L202	743,471	13,740	SH		SOLE		13,740	0	0
Dermtech Inc	COM	24984K105	27,300	10,500	SH		SOLE		0	0	10,500
Destination XL Group	COM	25065K104	208,250	42,500	SH		SOLE		0	0	42,500
Dillards Inc cl A	COM	254067101	3,230,172	9,900	SH		SOLE		2,600	0	7,300
Diodes Inc.	COM	254543101	1,850	20	SH		SOLE		20	0	0
Discover Financial Services	COM	254709108	832,323	7,123	SH		SOLE		7,123	0	0
Distribution Solutions Group	COM	520776105	135,356	2,600	SH		SOLE		0	0	2,600
Dolby Laboratories Inc.	COM	25659T107	25,941	310	SH		SOLE		310	0	0
Dorian LPG Ltd.	COM	Y2106R110	2,008,395	78,300	SH		SOLE		19,400	0	58,900
Dream Finders Homes Inc	COM	26154D100	826,052	33,593	SH		SOLE		8,693	0	24,900
Ducommun	COM	264147109	156,852	3,600	SH		SOLE		0	0	3,600
Dynavax Technologies Corporation	COM	268158201	998,716	77,300	SH		SOLE		0	0	77,300
Dyne Therapeutics	COM	26818M108	30,375	2,700	SH		SOLE		0	0	2,700
E.W. Scripps Cl A	COM	811054402	398,025	43,500	SH		SOLE		9,600	0	33,900
EMCOR Group Inc.	COM	29084Q100	4,435	24	SH		SOLE		24	0	0
ePlus Inc.	COM	294268107	1,825,584	32,426	SH		SOLE		8,626	0	23,800
ESAB Corporation	COM	29605J106	1,397	21	SH		SOLE		21	0	0
Eagle Pharmaceuticals Inc	COM	269796108	412,128	21,200	SH		SOLE		0	0	21,200
Earthstone Energy	COM	27032D304	130,039	9,100	SH		SOLE		2,300	0	6,800
East West Bancorp, Inc.	COM	27579R104	15,837	300	SH		SOLE		300	0	0
Ebix Inc	COM	278715206	141,120	5,600	SH		SOLE		0	0	5,600
Embecta Corp	COM	29082K105	680,962	31,526	SH		SOLE		9,226	0	22,300
Enact Holdings Inc	COM	29249E109	1,411,452	56,166	SH		SOLE		14,266	0	41,900
Encore Wire Corporation	COM	292562105	2,603	14	SH		SOLE		14	0	0
Enliven Therapeutics	COM	29337E102	202,059	9,900	SH		SOLE		0	0	9,900
Ennis Inc	COM	293389102	193,610	9,500	SH		SOLE		0	0	9,500
Enova International, Inc.	COM	29357K103	4,503,089	84,772	SH		SOLE		20,772	0	64,000
Ensign Group	COM	29358P101	4,391	46	SH		SOLE		46	0	0
Enstar Group Limited	COM	G3075P101	1,465,440	6,000	SH		SOLE		1,700	0	4,300
Entravision Communications	COM	29382R107	78,142	17,800	SH		SOLE		0	0	17,800
Envela Corp	COM	29402E102	123,648	16,800	SH		SOLE		0	0	16,800
Epsilon Energy	COM	294375209	59,808	11,200	SH		SOLE		0	0	11,200
Essent Group	COM	G3198U102	3,983,148	85,110	SH		SOLE		21,710	0	63,400
Evi Industries	COM	26929N102	184,800	8,400	SH		SOLE		0	0	8,400
Exelixis Inc.	COM	30161Q104	401	21	SH		SOLE		21	0	0
Expeditors International of WA	COM	302130109	230,147	1,900	SH		SOLE		1,900	0	0
Eyenovia	COM	30234E104	74,655	31,500	SH		SOLE		0	0	31,500
Eyepoint Pharmaceuticals	COM	30233G209	120,930	13,900	SH		SOLE		0	0	13,900
FS Bancorp Inc.	COM	30263Y104	387,903	12,900	SH		SOLE		0	0	12,900
FTI Consulting, Inc.	COM	302941109	19,591	103	SH		SOLE		103	0	0
Fabrinet	COM	G3323L100	2,987	23	SH		SOLE		23	0	0
Farmer Mac	COM	313148306	4,572,801	31,813	SH		SOLE		7,513	0	24,300
Fidelity National Fin Inc.	COM	31620R303	564,300	15,675	SH		SOLE		15,675	0	0
First American Financial Corp	COM	31847R102	6,329	111	SH		SOLE		111	0	0
First Busey Corporation	COM	319383204	22,110	1,100	SH		SOLE		1,100	0	0
First Cash Fncl Svcs Inc.	COM	33768G107	1,587	17	SH		SOLE		17	0	0
First Financial Bancorp OH	COM	320209109	606,904	29,692	SH		SOLE		6,592	0	23,100
First Hawaiian, Inc	COM	32051X108	3,944	219	SH		SOLE		219	0	0
First Internet Bancorp	COM	320557101	299,970	20,200	SH		SOLE		0	0	20,200
First Merchants Corp	COM	320817109	1,103,793	39,100	SH		SOLE		10,500	0	28,600
First Mid-Illinois Bancshares	COM	320866106	91,732	3,800	SH		SOLE		0	0	3,800
Flex LNG Ltd	COM	G35947202	1,557,030	51,000	SH		SOLE		13,000	0	38,000
Fluor Corporation	COM	343412102	3,611	122	SH		SOLE		122	0	0
Focus Financial Partner	COM	34417P100	1,418	27	SH		SOLE		27	0	0
Fonar Corporation	COM	344437405	225,720	13,200	SH		SOLE		0	0	13,200
Forestar Group	COM	346232101	1,998,764	88,637	SH		SOLE		17,937	0	70,700
Forrester Research	COM	346563109	142,541	4,900	SH		SOLE		0	0	4,900
G1 Therapeutics	COM	3621LQ109	167,079	67,100	SH		SOLE		0	0	67,100
GMS Inc	COM	36251C103	2,560	37	SH		SOLE		37	0	0
Gamida Cell LTD	COM	M47364100	114,449	59,300	SH		SOLE		0	0	59,300
Gaming and Leisure Properties, Inc.	COM	36467J108	14,926	308	SH		SOLE		308	0	0
Garmin Ltd	COM	H2906T109	21,588	207	SH		SOLE		207	0	0
Gates Industrial Corp	COM	G39108108	2,561	190	SH		SOLE		190	0	0
General Dynamics Corp.	COM	369550108	623,935	2,900	SH		SOLE		2,900	0	0
General Motors Company	COM	37045V100	447,296	11,600	SH		SOLE		11,600	0	0
Generation Bio	COM	37148K100	58,300	10,600	SH		SOLE		0	0	10,600
Genie Energy	COM	372284208	773,458	54,700	SH		SOLE		0	0	54,700
Geo Group Inc	COM	36162J106	1,131,280	158,000	SH		SOLE		54,900	0	103,100
Gladstone Commercial	COM	376536108	124,937	10,100	SH		SOLE		0	0	10,100
Global Industrial Co.	COM	37892E102	1,028,101	37,022	SH		SOLE		8,522	0	28,500
Goldman Sachs Group Inc	COM	38141G104	677,334	2,100	SH		SOLE		2,100	0	0
Graftech International Ltd	COM	384313508	2,779,379	551,464	SH		SOLE		140,064	0	411,400
Graham Holdings Company	COM	384637104	3,860,919	6,756	SH		SOLE		1,756	0	5,000
Grand Canyon Education, Inc	COM	38526M106	413	4	SH		SOLE		4	0	0
Gray Television Inc	COM	389375106	2,205,037	279,827	SH		SOLE		71,227	0	208,600
Green Brick Partners Inc	COM	392709101	159,040	2,800	SH		SOLE		0	0	2,800
Greene County Bancorp	COM	394357107	500,640	16,800	SH		SOLE		0	0	16,800
Greenhill & Co Inc.	COM	395259104	60,065	4,100	SH		SOLE		0	0	4,100
Greif Inc cl A	COM	397624107	4,292,260	62,306	SH		SOLE		15,806	0	46,500
Group 1 Automotive, Inc.	COM	398905109	2,581	10	SH		SOLE		10	0	0
HBT Financial Inc	COM	404111106	387,240	21,000	SH		SOLE		0	0	21,000
HCA Holdings, Inc.	COM	40412C101	364,176	1,200	SH		SOLE		1,200	0	0
HF Sinclair Corp	COM	403949100	299,824	6,721	SH		SOLE		6,721	0	0
HP Inc.	COM	40434L105	791,612	25,777	SH		SOLE		25,777	0	0
Hackett Group Inc	COM	404609109	898,470	40,200	SH		SOLE		0	0	40,200
Hamilton Beach Brands	COM	40701T104	177,744	18,400	SH		SOLE		0	0	18,400
Hartford Financial Services	COM	416515104	332,372	4,615	SH		SOLE		4,615	0	0
Harvard Bioscience	COM	416906105	99,918	18,200	SH		SOLE		0	0	18,200
Haverty Furniture	COM	419596101	888,468	29,400	SH		SOLE		7,500	0	21,900
Hawaiian Electric Industries	COM	419870100	2,570	71	SH		SOLE		71	0	0
Hayward Holdings Inc	COM	421298100	2,146	167	SH		SOLE		167	0	0
Heartland Financial USA	COM	42234Q102	3,089,139	110,841	SH		SOLE		28,141	0	82,700
Heidrick & Struggles	COM	422819102	134,997	5,100	SH		SOLE		0	0	5,100
Herbalife Ltd	COM	G4412G101	993	75	SH		SOLE		75	0	0
Heritage-Crystal Cleaning	COM	42726M106	105,812	2,800	SH		SOLE		0	0	2,800
Highpeak Energy	COM	43114Q105	1,404,412	129,082	SH		SOLE		33,382	0	95,700
Highwoods Properties	COM	431284108	22,499	941	SH		SOLE		941	0	0
Hilltop Holdings Inc.	COM	432748101	3,926,208	124,800	SH		SOLE		32,800	0	92,000
Hingham Institution for Saving	COM	433323102	362,406	1,700	SH		SOLE		0	0	1,700
Hologic Inc.	COM	436440101	632,862	7,816	SH		SOLE		7,816	0	0
Home Bancorp, Inc.	COM	43689E107	252,396	7,600	SH		SOLE		0	0	7,600
Hope Bancorp	COM	43940T109	2,353,390	279,500	SH		SOLE		68,700	0	210,800
Hormel Foods Corp	COM	440452100	516,465	12,841	SH		SOLE		12,841	0	0
Houlihan Lokey, Inc.	COM	441593100	1,868	19	SH		SOLE		19	0	0
Hudson Technologies	COM	444144109	626,974	65,174	SH		SOLE		74	0	65,100
IDT Corporation Cl B	COM	448947507	139,590	5,400	SH		SOLE		0	0	5,400
IES Holdings	COM	44951W106	193,392	3,400	SH		SOLE		0	0	3,400
Ibex Ltd	COM	G4690M101	524,381	24,700	SH		SOLE		0	0	24,700
Immersion	COM	452521107	330,636	46,700	SH		SOLE		0	0	46,700
Immunic Inc	COM	4525EP101	42,670	17,000	SH		SOLE		0	0	17,000
Ingles Markets cl A	COM	457030104	3,896,865	47,149	SH		SOLE		12,049	0	35,100
Innoviva, Inc.	COM	45781M101	3,573,706	280,731	SH		SOLE		71,531	0	209,200
Inozyme Pharma	COM	45790W108	148,719	26,700	SH		SOLE		0	0	26,700
Insight Enterprises, Inc.	COM	45765U103	3,951	27	SH		SOLE		27	0	0
Insperity	COM	45778Q107	2,498	21	SH		SOLE		21	0	0
Insteel Industries Inc	COM	45774W108	192,944	6,200	SH		SOLE		0	0	6,200
Intel Corporation	COM	458140100	608,608	18,200	SH		SOLE		18,200	0	0
International Bancshares	COM	459044103	388,960	8,800	SH		SOLE		0	0	8,800
Intest Corp	COM	461147100	737,906	28,100	SH		SOLE		0	0	28,100
Iradimed Corp.	COM	46266A109	281,666	5,900	SH		SOLE		0	0	5,900
Ironwood Pharmaceuticals	COM	46333X108	724	68	SH		SOLE		68	0	0
JPMorgan Chase & Co.	COM	46625H100	1,032,624	7,100	SH		SOLE		7,100	0	0
Jackson Financial	COM	46817M107	3,286,473	107,366	SH		SOLE		27,366	0	80,000
Jefferies Financial Group Inc.	COM	47233W109	27,365	825	SH		SOLE		825	0	0
John Wiley & Sons	COM	968223206	544	16	SH		SOLE		16	0	0
Johnson Outdoors Inc.	COM	479167108	1,591,555	25,900	SH		SOLE		2,900	0	23,000
Jones Lang LaSalle Incorporated	COM	48020Q107	31,160	200	SH		SOLE		200	0	0
KB Home	COM	48666K109	2,120	41	SH		SOLE		41	0	0
KKR Real Estate Finance	COM	48251K100	205,673	16,900	SH		SOLE		0	0	16,900
Kalvista Pharmaceuticals	COM	483497103	262,800	29,200	SH		SOLE		0	0	29,200
Karat Packaging	COM	48563L101	20,075	1,100	SH		SOLE		0	0	1,100
Kimball Electronics, Inc.	COM	49428J109	49,734	1,800	SH		SOLE		0	0	1,800
Kimberly-Clark Corp.	COM	494368103	55,224	400	SH		SOLE		400	0	0
Kroger Company	COM	501044101	151,199	3,217	SH		SOLE		3,217	0	0
Kronos Worldwide Inc.	COM	50105F105	1,739,016	199,200	SH		SOLE		50,000	0	149,200
Kura Oncology	COM	50127T109	95,220	9,000	SH		SOLE		0	0	9,000
LSI Industries	COM	50216C108	248,688	19,800	SH		SOLE		0	0	19,800
La-Z-Boy Incorporated	COM	505336107	2,299,792	80,300	SH		SOLE		23,500	0	56,800
Lands' End, Inc.	COM	51509F105	66,736	8,600	SH		SOLE		0	0	8,600
Landstar System Inc.	COM	515098101	770	4	SH		SOLE		4	0	0
Lazard LTD.	COM	G54050102	4,288	134	SH		SOLE		134	0	0
Legacy Housing Corporation	COM	52472M101	660,915	28,500	SH		SOLE		0	0	28,500
Leidos Holdings, Inc.	COM	525327102	18,404	208	SH		SOLE		208	0	0
Lennar Corp cl A	COM	526057104	791,959	6,320	SH		SOLE		6,320	0	0
Liquidity Services, Inc.	COM	53635B107	410,850	24,900	SH		SOLE		0	0	24,900
Louisiana-Pacific Corp	COM	546347105	48,887	652	SH		SOLE		652	0	0
Lovesac Company	COM	54738L109	223,685	8,300	SH		SOLE		0	0	8,300
Lumber Liquidators Holdings	COM	55003T107	25,278	6,600	SH		SOLE		0	0	6,600
Luther Burbank Corporation	COM	550550107	104,364	11,700	SH		SOLE		0	0	11,700
LyondellBasell Industries cl A	COM	N53745100	801,584	8,729	SH		SOLE		8,729	0	0
M/I Homes, Inc.	COM	55305B101	4,667,281	53,530	SH		SOLE		13,630	0	39,900
MDC Holdings Inc	COM	552676108	5,566	119	SH		SOLE		119	0	0
MGIC Investment Corp.	COM	552848103	4,911	311	SH		SOLE		311	0	0
MKS Instruments Inc.	COM	55306N104	757	7	SH		SOLE		7	0	0
MSA Safety Incorporated	COM	553498106	17,918	103	SH		SOLE		103	0	0
MSC Industrial Direct Co.	COM	553530106	28,584	300	SH		SOLE		300	0	0
Macrogenics Inc	COM	556099109	23,005	4,300	SH		SOLE		0	0	4,300
Maravai Lifesciences Holdings	COM	56600D107	1,131	91	SH		SOLE		91	0	0
Marine Products Corp	COM	568427108	618,762	36,700	SH		SOLE		0	0	36,700
Marinus Pharmaceuticals	COM	56854Q200	571,236	52,600	SH		SOLE		0	0	52,600
Markel Corp	COM	570535104	1,383	1	SH		SOLE		1	0	0
Mastech Digital	COM	57633B100	179,816	18,200	SH		SOLE		0	0	18,200
MasterCraft Boat Holdings	COM	57637H103	450,555	14,700	SH		SOLE		0	0	14,700
Matson Inc.	COM	57686G105	1,057,750	13,608	SH		SOLE		3,408	0	10,200
Merchants Bancorp	COM	58844R108	2,067,094	80,809	SH		SOLE		16,359	0	64,450
Meritage Homes Corp	COM	59001A102	3,414	24	SH		SOLE		24	0	0
Metropolitan Bank Holding Corp	COM	591774104	493,166	14,200	SH		SOLE		0	0	14,200
Midland States Bancorp Inc	COM	597742105	89,595	4,500	SH		SOLE		0	0	4,500
Mirum Pharmaceuticals	COM	604749101	175,916	6,800	SH		SOLE		0	0	6,800
Moderna Inc	COM	60770K107	145,800	1,200	SH		SOLE		1,200	0	0
Modivcare	COM	60783X104	1,266	28	SH		SOLE		28	0	0
Mueller Industries, Inc.	COM	624756102	1,047	12	SH		SOLE		12	0	0
Murphy USA, Inc.	COM	626755102	2,489	8	SH		SOLE		8	0	0
NACCO Industries cl A	COM	629579103	51,990	1,500	SH		SOLE		0	0	1,500
NMI Holdings	COM	629209305	222,052	8,600	SH		SOLE		4,700	0	3,900
Napco Security Technologies	COM	630402105	259,875	7,500	SH		SOLE		0	0	7,500
Nathan's Famous Inc	COM	632347100	172,788	2,200	SH		SOLE		0	0	2,200
National Beverage Corp	COM	635017106	3,328,607	68,844	SH		SOLE		17,544	0	51,300
National HealthCare Corp	COM	635906100	1,972,058	31,900	SH		SOLE		7,600	0	24,300
National Western Life Group A	COM	638517102	997,344	2,400	SH		SOLE		200	0	2,200
Natural Grocers By Vitamin Cottage Inc	COM	63888U108	415,614	33,900	SH		SOLE		0	0	33,900
Nature's Sunshine Products	COM	639027101	79,170	5,800	SH		SOLE		0	0	5,800
Nelnet Inc	COM	64031N108	3,541,781	36,710	SH		SOLE		9,610	0	27,100
NewMarket Corporation	COM	651587107	6,836	17	SH		SOLE		17	0	0
Newmark Group	COM	65158N102	3,412,814	548,684	SH		SOLE		138,984	0	409,700
Nexstar Media Group, Inc. Cl A	COM	65336K103	34,143	205	SH		SOLE		205	0	0
Northern Trust Corp.	COM	665859104	14,828	200	SH		SOLE		200	0	0
Northrim Bancorp	COM	666762109	106,191	2,700	SH		SOLE		0	0	2,700
Nucor Corporation	COM	670346105	592,296	3,612	SH		SOLE		3,612	0	0
Nve Corporation	COM	629445206	331,296	3,400	SH		SOLE		0	0	3,400
O-I Glass	COM	67098H104	1,664	78	SH		SOLE		78	0	0
ONEOK, Inc.	COM	682680103	395,934	6,415	SH		SOLE		6,415	0	0
OceanFirst Financial	COM	675234108	259,292	16,600	SH		SOLE		6,300	0	10,300
Oil-Dri Corp. of Amer	COM	677864100	371,637	6,300	SH		SOLE		0	0	6,300
Olaplex Holdings	COM	679369108	1,038	279	SH		SOLE		279	0	0
Old Republic Int'l Corp	COM	680223104	40,045	1,591	SH		SOLE		1,591	0	0
Olympic Steel Inc.	COM	68162K106	661,500	13,500	SH		SOLE		0	0	13,500
Onemain Holdings Inc	COM	68268W103	28,005	641	SH		SOLE		641	0	0
Oppenheimer Holdings	COM	683797104	1,112,986	27,700	SH		SOLE		6,700	0	21,000
Option Care Health	COM	68404L201	5,166	159	SH		SOLE		159	0	0
Organon & Co	COM	68622V106	39,747	1,910	SH		SOLE		1,910	0	0
Owens & Minor Inc.	COM	690732102	3,199	168	SH		SOLE		168	0	0
P.A.M. Transportation	COM	693149106	535,400	20,000	SH		SOLE		0	0	20,000
PBF Energy Inc cl A	COM	69318G106	4,212,358	102,891	SH		SOLE		26,191	0	76,700
PC Connection, Inc.	COM	69318J100	3,946,791	87,512	SH		SOLE		21,012	0	66,500
PMV Pharmaceuticals	COM	69353Y103	190,930	30,500	SH		SOLE		0	0	30,500
Paccar Inc.	COM	693718108	644,105	7,700	SH		SOLE		7,700	0	0
Par Pacific Holding	COM	69888T207	1,650	62	SH		SOLE		62	0	0
Paramount Global	COM	92556H206	366	23	SH		SOLE		23	0	0
Park National Corp OH	COM	700658107	2,056,632	20,100	SH		SOLE		5,600	0	14,500
Patrick Industries Inc.	COM	703343103	944,000	11,800	SH		SOLE		3,000	0	8,800
Patterson Companies Inc	COM	703395103	4,490	135	SH		SOLE		135	0	0
PennyMac Financial Service Inc	COM	70932M107	885,906	12,600	SH		SOLE		3,300	0	9,300
Penske Automotive Group, Inc.	COM	70959W103	441,736	2,651	SH		SOLE		2,651	0	0
Perdoceo Education Corp	COM	71363P106	3,157,071	257,300	SH		SOLE		67,200	0	190,100
Pfizer Inc.	COM	717081103	726,264	19,800	SH		SOLE		19,800	0	0
Phillips 66	COM	718546104	85,842	900	SH		SOLE		900	0	0
Piedmont Office Realty Trust,	COM	720190206	677,709	93,220	SH		SOLE		5,720	0	87,500
Pilgrims Pride Corp	COM	72147K108	16,332	760	SH		SOLE		760	0	0
Pinnacle Financial Partners	COM	72346Q104	2,719	48	SH		SOLE		48	0	0
Playtika Holding Corp	COM	72815L107	23,397	2,017	SH		SOLE		2,017	0	0
Plexus Corp.	COM	729132100	3,340	34	SH		SOLE		34	0	0
Popular Inc.	COM	733174700	12,891	213	SH		SOLE		213	0	0
Postal Realty Trust Inc	COM	73757R102	941	64	SH		SOLE		64	0	0
Potlatch Corporation	COM	737630103	423	8	SH		SOLE		8	0	0
Preferred Bank Los Angeles CA	COM	740367404	1,083,303	19,700	SH		SOLE		4,500	0	15,200
Preformed Line Products	COM	740444104	686,840	4,400	SH		SOLE		0	0	4,400
Premier Financial	COM	74052F108	89,712	5,600	SH		SOLE		1,600	0	4,000
Principal Financial Group, Inc.	COM	74251V102	70,228	926	SH		SOLE		926	0	0
Prog Holdings	COM	74319R101	1,445	45	SH		SOLE		45	0	0
Prosperity Bancshares Inc.	COM	743606105	2,598	46	SH		SOLE		46	0	0
Protalix Biotherapeutics	COM	74365A309	220,400	110,200	SH		SOLE		0	0	110,200
Public Storage, Inc.	COM	74460D109	321,068	1,100	SH		SOLE		1,100	0	0
PulteGroup, Inc.	COM	745867101	444,330	5,720	SH		SOLE		5,720	0	0
Quest Diagnostics Inc.	COM	74834L100	605,392	4,307	SH		SOLE		4,307	0	0
Quidelortho Corp	COM	219798105	26,515	320	SH		SOLE		320	0	0
R C M Technologies	COM	749360400	642,160	34,900	SH		SOLE		0	0	34,900
R1 RCM Inc	COM	77634L105	1,587	86	SH		SOLE		86	0	0
RBB Bancorp	COM	74930B105	32,238	2,700	SH		SOLE		0	0	2,700
RLI Corporation	COM	749607107	819	6	SH		SOLE		6	0	0
Radian Group, Inc.	COM	750236101	2,275	90	SH		SOLE		90	0	0
Radiant Logistics	COM	75025X100	383,040	57,000	SH		SOLE		0	0	57,000
Regional Management Corp.	COM	75902K106	305,000	10,000	SH		SOLE		0	0	10,000
Reliance Steel & Aluminum	COM	759509102	55,404	204	SH		SOLE		204	0	0
Republic Bancorp KY	COM	760281204	1,695,750	39,900	SH		SOLE		5,500	0	34,400
Resources Connection	COM	76122Q105	227,795	14,500	SH		SOLE		0	0	14,500
Retractable Technologies Inc	COM	76129W105	20,240	17,600	SH		SOLE		0	0	17,600
Revance Therapeutics	COM	761330109	27,841	1,100	SH		SOLE		0	0	1,100
Reynolds Consumer Product	COM	76171L106	6,187	219	SH		SOLE		219	0	0
Richardson Electronics	COM	763165107	823,350	49,900	SH		SOLE		0	0	49,900
Rily Exploration Permian	COM	76665T102	317,908	8,900	SH		SOLE		2,200	0	6,700
Robert Half International Inc.	COM	770323103	15,871	211	SH		SOLE		211	0	0
Rocky Brands Inc	COM	774515100	182,700	8,700	SH		SOLE		0	0	8,700
Rush Enterprises Inc	COM	781846209	4,543,352	74,800	SH		SOLE		19,050	0	55,750
Ryerson Holding Corporation	COM	783754104	5,743,078	132,390	SH		SOLE		28,290	0	104,100
SLM Corp	COM	78442P106	19,551	1,198	SH		SOLE		1,198	0	0
Sandy Spring Bancorp Inc.	COM	800363103	1,848,420	81,500	SH		SOLE		24,200	0	57,300
Schneider National Inc.	COM	80689H102	32,425	1,129	SH		SOLE		1,129	0	0
Scholar Rock Holdings	COM	80706P103	359,658	47,700	SH		SOLE		0	0	47,700
Scynexis	COM	811292200	426,865	144,700	SH		SOLE		0	0	144,700
Select Medical Holdings Corp	COM	81619Q105	1,515,644	47,572	SH		SOLE		11,272	0	36,300
Semler Scientific Inc	COM	81684M104	600,896	22,900	SH		SOLE		0	0	22,900
Seneca Foods cl A	COM	817070501	745,104	22,800	SH		SOLE		4,700	0	18,100
Sensus Healthcare	COM	81728J109	123,165	39,100	SH		SOLE		0	0	39,100
Silvercrest Asset Mgmt Grp	COM	828359109	291,600	14,400	SH		SOLE		0	0	14,400
Siriuspoint	COM	G8192H106	930	103	SH		SOLE		103	0	0
Skechers U.S.A. Inc.	COM	830566105	527	10	SH		SOLE		10	0	0
Snap-On Inc.	COM	833034101	665,431	2,309	SH		SOLE		2,309	0	0
South Plains Financial	COM	83946P107	105,797	4,700	SH		SOLE		0	0	4,700
Southern Copper Corp.	COM	84265V105	681,530	9,500	SH		SOLE		9,500	0	0
Sprouts Farmers Market	COM	85208M102	1,873	51	SH		SOLE		51	0	0
Stagwell	COM	85256A109	743	103	SH		SOLE		103	0	0
Standard Motor Products	COM	853666105	427,728	11,400	SH		SOLE		2,700	0	8,700
Starwood Property Trust, Inc.	COM	85571B105	621	32	SH		SOLE		32	0	0
State Street Corporation	COM	857477103	37,688	515	SH		SOLE		515	0	0
Steel Dynamics Inc.	COM	858119100	28,213	259	SH		SOLE		259	0	0
Stewart Information Services	COM	860372101	3,377,594	82,100	SH		SOLE		19,100	0	63,000
Stifel Financial Corp	COM	860630102	3,759	63	SH		SOLE		63	0	0
Stonex Group	COM	861896108	167,739	2,019	SH		SOLE		519	0	1,500
Sturm Ruger & Co. Inc.	COM	864159108	80,023	1,511	SH		SOLE		1,511	0	0
Super Miccro Computer	COM	86800U104	4,736	19	SH		SOLE		19	0	0
Surgery Partners	COM	86881A100	2,519	56	SH		SOLE		56	0	0
Synchrony Financial	COM	87165B103	42,468	1,252	SH		SOLE		1,252	0	0
Synovus Financial Corp	COM	87161C501	484	16	SH		SOLE		16	0	0
TD Synnex Corporation	COM	87162W100	515,402	5,483	SH		SOLE		5,483	0	0
TEGNA Inc.	COM	87901J105	2,826	174	SH		SOLE		174	0	0
TTEC Holdings Inc.	COM	89854H102	961,056	28,400	SH		SOLE		7,900	0	20,500
Taylor Morrison Home Corporation	COM	87724P106	6,145	126	SH		SOLE		126	0	0
Tenaya Therapeutics	COM	87990A106	299,957	51,100	SH		SOLE		0	0	51,100
Tetra Tech, Inc.	COM	88162G103	34,058	208	SH		SOLE		208	0	0
Texas Pacific Land Trust	COM	88262P102	118,485	90	SH		SOLE		90	0	0
Textainer Group Hldgs Ltd.	COM	G8766E109	4,024,636	102,200	SH		SOLE		26,800	0	75,400
The ONE Group Hospitality Inc	COM	88338K103	346,236	47,300	SH		SOLE		0	0	47,300
Theseus Pharmaceuticals	COM	88369M101	153,945	16,500	SH		SOLE		0	0	16,500
Thor Industries Inc.	COM	885160101	21,735	210	SH		SOLE		210	0	0
Thryv Holdings	COM	886029206	1,931,100	78,500	SH		SOLE		18,700	0	59,800
Tileshop Holdings	COM	88677Q109	145,702	26,300	SH		SOLE		0	0	26,300
Timken Company	COM	887389104	37,527	410	SH		SOLE		410	0	0
Towne Bank	COM	89214P109	3,777,639	162,549	SH		SOLE		41,200	0	121,349
Travelzoo	COM	89421Q205	171,213	21,700	SH		SOLE		0	0	21,700
Triton International Ltd	COM	G9078F107	3,913	47	SH		SOLE		47	0	0
Tronox Holdings	COM	G9087Q102	62,279	4,900	SH		SOLE		4,900	0	0
Twenty-First Century Fox Inc.	COM	35137L105	437,036	12,854	SH		SOLE		12,854	0	0
Tyson Foods	COM	902494103	378,768	7,421	SH		SOLE		7,421	0	0
UFP Industries	COM	90278Q108	5,532	57	SH		SOLE		57	0	0
USANA Health Sciences, Inc.	COM	90328M107	2,542,340	40,329	SH		SOLE		10,329	0	30,000
Ubiquiti Inc.	COM	90353W103	36,205	206	SH		SOLE		206	0	0
Ultra Clean Holdings, Inc.	COM	90385V107	2,038	53	SH		SOLE		53	0	0
United Natural Foods Inc.	COM	911163103	1,153	59	SH		SOLE		59	0	0
United States Cellular Corp	COM	911684108	2,343,027	132,900	SH		SOLE		33,700	0	99,200
United States Lime & Minerals	COM	911922102	772,893	3,700	SH		SOLE		0	0	3,700
United States Steel Corp	COM	912909108	1,951	78	SH		SOLE		78	0	0
Universal Health Realty Income Trust	COM	91359E105	266,448	5,600	SH		SOLE		1,000	0	4,600
Universal Logistics Holdings,	COM	91388P105	1,939,806	67,331	SH		SOLE		11,831	0	55,500
Urban One Inc	COM	91705J204	210,000	35,000	SH		SOLE		0	0	35,000
Urogen Pharma	COM	M96088105	196,650	19,000	SH		SOLE		0	0	19,000
Urstadt Biddle Prop cl A	COM	917286205	335,908	15,800	SH		SOLE		2,800	0	13,000
Valhi Inc.	COM	918905209	57,825	4,500	SH		SOLE		0	0	4,500
Value Line Inc.	COM	920437100	63,342	1,380	SH		SOLE		0	0	1,380
VeriSign Inc	COM	92343E102	316,358	1,400	SH		SOLE		1,400	0	0
Veritiv	COM	923454102	3,768	30	SH		SOLE		30	0	0
Verizon Communications, Inc.	COM	92343V104	758,676	20,400	SH		SOLE		20,400	0	0
Victory Capital Holdings Inc	COM	92645B103	3,706,518	117,518	SH		SOLE		30,018	0	87,500
Viemed Healthcare	COM	92663R105	110,514	11,300	SH		SOLE		0	0	11,300
Viking Therapeutics Inc	COM	92686J106	184,794	11,400	SH		SOLE		0	0	11,400
Village Super Market	COM	927107409	648,088	28,400	SH		SOLE		0	0	28,400
Virtu Financial	COM	928254101	3,794	222	SH		SOLE		222	0	0
Vishay Precision Group Inc	COM	92835K103	419,795	11,300	SH		SOLE		0	0	11,300
Vista Outdoor	COM	928377100	1,084,664	39,200	SH		SOLE		8,400	0	30,800
Vital Energy	COM	516806205	207,690	4,600	SH		SOLE		0	0	4,600
Vontier Corp	COM	928881101	34,175	1,061	SH		SOLE		1,061	0	0
Vor BioPharma Inc	COM	929033108	20,085	6,500	SH		SOLE		0	0	6,500
Voyager Therapeutics	COM	92915B106	175,185	15,300	SH		SOLE		0	0	15,300
Waterstone Financial, Inc (MD)	COM	94188P101	172,431	11,900	SH		SOLE		0	0	11,900
Watsco Inc.	COM	942622200	38,147	100	SH		SOLE		100	0	0
Weatherford International Public Ltd	COM	G48833118	1,328	20	SH		SOLE		20	0	0
Weis Markets Inc.	COM	948849104	1,258,516	19,600	SH		SOLE		5,000	0	14,600
Western Alliance Bancorp	COM	957638109	1,313	36	SH		SOLE		36	0	0
Western Union	COM	959802109	12,903	1,100	SH		SOLE		1,100	0	0
Westlake Corporation	COM	960413102	516,349	4,322	SH		SOLE		4,322	0	0
Weyerhaeuser Co	COM	962166104	562,298	16,780	SH		SOLE		16,780	0	0
Whitestone REIT	COM	966084204	119,310	12,300	SH		SOLE		0	0	12,300
Worthington Industries	COM	981811102	4,611,627	66,383	SH		SOLE		16,983	0	49,400
Y-Mabs Therapeutics	COM	984241109	583,261	85,900	SH		SOLE		0	0	85,900
Zynex Inc	COM	98986M103	732,542	76,386	SH		SOLE		3,386	0	73,000

Denali Advisors 13F-HRQuarterly holdings report by institutional manager